Google is set to acquire Israeli startup Waze, after the two firms recently agreed on most of their terms and are close to sealing the deal. The total purchase price exceeds $1 billion.
Sources said the agreement calls for the U.S. Internet search engine giant to pay the full amount in cash. In addition, Waze’s research and development center will remain in Israel for at least three years as will the company’s CEO, Noam Bardin. Waze will retain its independent identity both as a company and as a brand, they said.
Read more here.